The home appliance giant is now at #450 after last years' again double digit growth of 16 percent.
Guangdong, China, 7 August 2017 -Midea (Midea Group Co Ltd, SZSE 000333), the world's largest home appliance company and #1 major appliance household appliances industry to enter the list.
Midea achieved operating revenue of RMB 159.8 (USD 24) billion in 2016, a year-on-year increase of 16 percent, and net profit of RMB 15.9 (USD 2.4) billion.
'Also during the last 12 months Midea continued to advance its strategy of pivoting towards an efficiency-driven, global operation producing more advanced and innovative products in the home appliances industry. We are also switching from traditional product exportation from China to operating locally in key markets,'said Andy Gu, Vice President at Midea Group.
Midea had a strong year of important M&As including the recently acquired Toshiba home appliance business, German industrial robotics group Kuka AG, Israel-based Servotronix, and Italian air-conditioning manufacturer Clivet.
Midea's focus has also been on optimizing its product structure with a greater focus on customer-centricity. Midea's latest smart home appliances cover air treatment, refrigeration, laundry, large cooking and small kitchen appliances, water appliances, floor care and lighting.
The company has taken significant steps toward becoming a global leader in home appliances, heating, ventilation and air-conditioning, robotics and industrial automation systems due to its increased investment in research and development. In the past five years, Midea has invested RMB 20 (USD 3) billion into R&D, including the establishment of 17 research centers in eight countries. More than 10,000 employees are now directly involved in R&D and the company now has more than 26,000 authorized patents. Last year alone, the group applied for 13,546 patents and 5,562 invention patents.
Midea recently released its 2016 annual report.
To learn more about Midea, please visitwww.midea.comandwww.midea.com/global
Next:Midea and Electrolux to form premium brand joint venture in China Guangdong, China-May 2nd, 2017
Midea Group Co. Ltd. published this content on 15 August 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 September 2017 04:02:08 UTC.
Original documenthttp://www.midea.com/global/about_midea/News/201709/t20170904_209179.shtml
Public permalinkhttp://www.publicnow.com/view/0A2B40CD91F14EE018961720E98B808D8E0E0727
Midea Group Co., Ltd. produces and sells household electrical appliances and climate control systems. Net sales break down by family of products and services as follows:
- domestic appliances (41.6%): small household appliances (rice cookers, electric steam cookers, microwaves, ovens, hobs, bread makers, dishwashers, etc.), washing machines, refrigerators, etc.;
- heating, ventilation and air conditioning systems (38.6%): portable air conditioners, dehumidifiers, window air conditioners, etc.;
- robotic and automation systems (8%);
- other (11.8%).
China accounts for 59.7% of net sales.